Original sourceTokenPost
Summary
Coinbase is asking the US Treasury to clarify how proposed restrictions on foreign-issued payment stablecoins would apply to cross-border payment scenarios where US customers do not acquire rights to the tokens. The comment, submitted on October 19, seeks an exception for foreign stablecoins used m…
Key points
- Wallet and payment product teams involved in cross-border receipts and payments can assess compliance risks of using foreign stablecoins as an intermediate asset in the US.
- If the scope of application to foreign stablecoins remains unclear before the GENIUS Act takes effect, the architecture design of cross-border payment products will face uncertainty.
- Payment providers and issuers need to clarify before the effective date whether they fall under restrictions and prepare alternative settlement paths; ordinary cross-border remittance costs may be affected.
Editorial note
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